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of detroit starts the process of putting its priceless museum artwork up for auction. you wouldn't believe how much it could be worth. all those stories and much more coming up on the "kudlow report" right now. good evening, i'm larry kudlow. this is the "kudlow report." first up tonight, breaking news, jeff bezos paying $250 million for "the washington post" newspaper. a few days ago boston red sox owner john henry bought the "boston globe" for the bargain basement price of only $70 million. what is going on here? why will these foes succeed while others have failed. joining us is our own julia boorstin. why will they succeed where others have failed in. >> i think the question is how do you define success? one thing jeff bezos makes very clear in his letter about this and it was also in the press release is that he's not investing this just as a financial endeavor but he sees this as supporting journalism. he says "i understand the critical role the post plays in washington, d.c. and our nation and the post values will not change." he talks about the importance of the fact that the inter
is on the rocks. >>> we're learning about another terror plot that was foiled. what do new york city and detroit have in common? bankruptcy. all that is ahead. do you remember this little hot mic slip during the election. >> this is my last election. >> yeah. >> after my election, i have more flexibility. >> i will transmit this information. it is such a great line. and people thought at the time, it was a big scandal. people thought they knew what it meant. president obama was secretly telling dmitri medvedev to ignore all the election year politics, it's just politics. after that, the u.s. and russia could be great friends. maybe that wasn't it, maybe the flexibility he was speaking about was a great insult. a yo mama joke, perhaps, that would better explain what has happened since. relations are deteriorating at a very rapid pace. the president cancelled a planned meeting with russian president putin. the first time any american president has cancelled a publicly announced visit to russia since the end of the cold w war. the white house explained the cancellation including, missile defense, a
the potential space revolution. liz: you do not want to miss that. could detroit rise like a phoenix from the ashes bankruptcy? you remember we said buy low? ceo of a company of a high-end watchmaker who is betting the motor city can pull off a remarkable recovery. ♪ she knows you like no one else. and you woul't have it any other way. but your erectile dysfunction - you know, that could be a question of blood flow. alis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confident in your abily to be ready. and the same cialis is the only daily ed tablet approved to treat ed and symptoms of bph, like needing to go frequently or urgently. tell your doctor about all your medical conditions and medications, and ask if your art is healthy enough for sexualctivity. do notake cialis if you takeni, art is healthy enough as this may cause an unsafed. do nodo not drink aohol takeni, ain excess with cialis. side effects may include headache, upset stomach, delayed backache or muscle ache. to avoid long-term injury, seek immediate medical help for an erection la
these rumors on the street. >>steve: and repeating them on that detroit radio station. bill o'reilly booked her last night. it was fiery. watch. >> chicago police, as you well know, are not gunning down black children. you know that; right? >> well, certainly they are not, bill. but based upon the history of african-americans in this country and based upon the fact that 70% of the murders in chicago are unsolved, 70% are unsolved, people are wondering what the heck is going on. certainly monique davis, who is a good friend to the police, who supports the police, i believe they're our first responder and i respect that, but i have the right as a legislator to repeat what my community says to me. >> not if it's irresponsible you don't. i hear a lot of *eurp -- irresponsible stuff. >> i don't think it is irresponsible. >> for chicago police to be accused of gunning down children? you don't think it'sish responsible. >> i don't think they said that. i said there was some suspicion -- >> that's irresponsible without any evidence. >>steve: we all hear crazy stuff. when you're in a position of power a
that route, you have more rid lin described. >> another big business. >> doc, before we go, a detroit area doctor, of course, detroit, charged with cheating the government out of tens of millions of dollars deliberately misdiagnosing patients with cancer and illegally billing them for treatment. >> oh, my god, if it's true, let me tell you something, it's a big business. oncologists prescribe their own chemotherapy, making loot, medicare is cracking down on that, no longer going to be available to do that. this guy apparently, the clinics made $35 million in two years, 24 until many medication. one guy fell, hit the head, and told you have to have chemo before going to the hospital. the parties didn't even have cancer. if this is true, it's a real black mark on the medical profession. >> a guy like this, through him under the prison. no parole, nothing. this is just -- i mean, -- >> disgusting. absolutely. >> great foppics, appreciate it, thanks. record number of americans on food stamps. you knew that. what are your taxpayer dollars paying for? try sushi, lobster for this guy. >> wake up,
a lawsuit in court. that is my guess. charles: take it away. not happy with the detroit bankruptcy filing. they need to speak up today or hold their peace. holding back financial aid to egypt. do we need to cut off all of the money going to that country? a raspberry instead of blackberry. the movie about steve jobs came in second at the box office over the weekend. listen to this. some wood off to lease themselves rather than till death do us part. ♪ connell: off to a good start. raspberry instead of apple. we have to rush to the news here. dagen: eckerd over the weekend. we have it all covered. connell: first the markets. last week was a rough week for stock markets. >> the dow was down 2.1% last week. the worst week for the dow and more than a year. they spoke in apple shares. it is kind of casting over the market a little bit. retail continues a little bit. they reported their numbers for the quarter. very convenient that dollar general got an upgrade today. that stock is up. dagen: deadline day today in detroit. connell: let's bring in jason riley. they are saying is detroit really
points lower than june. detroit emergency manager apologizing after calling some of the city residents those names. and the nfl hit with another concussion lawsuit. 83 former players led by pro-bowlers. they say they are suffering long-term effects from brain injuries sustained during their playing days. and we're watching the market this hour of "markets now." ♪ connell: those headlines show you there is a lot going on-9 today. we will get to the mess in egypt in just a moment, but first, our market today with the selloff, seeing the biggest decline in a couple of months. nicole petallides starts us off on the floor of the new york stock exchange. nicole: you are absolutely right. the lowest point, the biggest move to the downside since june 20. down about 1.5% right now. back on june 20 the dow dropped over 2%, this is the biggest moving percentage terms since that time. you have a couple of names that are weighing on the do dow jones industrial, better-than-expected economic news. walmart and kohls are two names we are following closely. as well as cisco systems. walmart higher p
. is chicago the next detroit? we raise this question before, why the problems plaguing the windy city could lead down the exact same road. ♪ with fidelity's options platform, we've completely integrated every step of the process, making it easier to try filters and strategies... to get a list of equity options... evaluate them with our p&l calculator... and execute faster with our more intuitive trade ticket. i'm greg stevens, and i helped create fidelity's options platform. it's one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. folks have suffered from frequent heartburn. butetting heartburn and then treating day after day is a thing of the past. block the acid with prilosec otc, and don't get heartburn in the first place. [ male announcer one pill each morning 24 hours. zero heartburn. do you min grabbing my phone and opening the capitaone purchase eraser? i need to redeem some venture miles before my demise. okay. it's easy to erase any recent travel expense i want. just pick that flight right there. mmm hmmm. give it
detroit going bankrupt, mustafmustafa. what kind of effect do you think detroit going bankrupt will have on the industry? >> very little. detroit as a city is quite separate, you know, from the auto industry itself. all three of the detroit-based companies are global companies and, you know, much of our sales are obviously outside detroit in the states and around the world. so the direct impact on the industry will be quite, you know, minimal, but the people that work for gm live in detroit and obviously that's an area of concern for us, but, you know, from the perspective of auto sales and the performance of the industry and its employment, you'll not see much of the impact if any. >> we'll leave it there. thank you so much. we'll see you soon. >>> coming up next, what does the earnings report mean for ben bernanke. former fed governor randall kroszner will give us his take. >>> then he was once the richest man. iky batista has lost some $33 billion in 16 months. we'll find out what happened. >>> then millions of time warner customers are less than an hour away from losing all cbs progr
like detroit or even something bigger like the credible growing class of poor people? >> well, what you want to do first? >> either. take your pick. >> okay. detroit, the first thing i would do is analyze what really happened there. why did it go wrong? there's some obvious things. the city had been run by democrats unchecked since i think the last republican mayor was 1957. okay? you've had -- that town has been a petry dish of everything the democrat party stands for. everything the democratic party loves. massive unions, massive pensions, pay people pensions and health care long after they've stopped working. the math doesn't add up. you have massive welfare states where citizens are given things left and right in order to buy their votes. you have no opposition whatsoever. then in the case of detroit, you throw race into the mix, and you bring on mayor coleman young who causes riots in 1967 detroit and mayor young caused a white flight to sub suburb-ia and detroit is left with nothing but liberal democrats running it. it is what it is. any place in this country that has similar circ
, of course, his appeal. the biggest names on the list of 12, as you call it, jhonny peralta of the detroit tigers, that's big. the starting shortstop for the tigers. and, by the way, they are leading the a.l. central leader. nelson cruz, all-star player for the texas rangers. but everybody trumped by alex rodriguez, highest paid player in major league baseball, suspended for all of this year and next year. still owed $86 million by the yankees in the remainder of his contract, and what makes this story have a little more sizzle on this day, is the yankees are playing in chicago this evening. a. rod is expected to take the field for the yankees unless we hear otherwise this evening in chicago. we'll have more on this story for the remainder -- throughout the remainder of this program and the "closing bell" at 4:00. but let's get back to our discussion with the market guests, as we focus on this monday in august on wall street. again, josh brown was with us, as is rick santelli, kyle harrington, and anton bear from up capital. anton, to you, what do you make of where we are in the market? wh
in the detroit bankruptcy story. we have that and other headlines of the day just ahead on "the kudlow report." please stay with us. [ female announcer ] what if the next big thing, isn't a thing at all? it's lots of things. all waking up. connecting to the global phenomenon we call the internet of everything. ♪ it's going to be amazing. and exciting. and maybe, most remarkably, not that far away. we're going to wake the world up. and watch, with eyes wide, as it gets to work. cisco. tomorrow starts here. (announcer) at scottrade, our clto make their money do more.re (ann) to help me plan my next move, i take scottrade's free, in-branch seminars... plus, their live webinars. i use daily market commentary to improve my strategy. and my local scottrade office guides my learning every step of the way. because they know i don't trade like everybody. i trade like me. i'm with scottrade. (announcer) scottrade... ranked "highest in customer loyalty for brokerage and investment companies." and then another. and another. and if you do it. and your friends do it. and their friends do it... soon we'll
. appreciated. >> detroit is now the largest u.s. city to file for bankruptcy it cannot match it -- manages self. >> were at the end of the road. we can borrow any more money. john: detroit was -- now in such a wreck. >> for $1,500 you could buy this house. john: for years politicians promised that they would fix detroit. >> detroit show again become the great city that is its destiny. john: instead. >> they turned city hall into a den of bribes and kickbacks making themselves rich. john: is there hope for places like detroit? >> it will turn around the city of detroit. >> the motor city. this is will we
and a few thought detroit was the exception think again, we are talking trillions of dollars of debt ended all comes down to public workers' pension. alex rodriguez will still take the field, he can think unions and collective bargaining and youth unemployment, don't worry, you can stay home with mom and dad. all that and more on a fresh hour of "varney and company". let's check the big board. we have been down 56 points. one of our big things today, the question is profits, can they keep pace with stock prices. liz: the bulls are seeing corporate earnings have to pick up steam for the market to charge even higher, we are looking on track for 4.7% growth in the second quarter and analysts expect 4.8% profit growth in the third quarter, ten.7 in the fourth. peaceably like we have seen in june, the june swoon the past three summers we see a juice. you can see a solution we are not seeing it yet, the market is up 1% for august. charles: i got to tell you so the audience knows, not manufacturing data from the service part of the economy which is obviously the overwhelming part, 56, the street
to avoid a detroit. >> i hea teachers accused of horrible things, they can't get fired, they have to set in a rubber room, i would fire them, let them sue me if i broke the contct, let them sue me for getting a child molest o molestf the city payroll, i am prepared to deal with that, there is hardly a politician today that could get elected without having to make a promise. neil: look at new york, one of the priest teen cities in -- pristine cities, this is the best we could do for candidate >> i agree. neil: so why condition guys like -- can't guys like you, bloomberg said i don't like the way it is going, why not you? >> i am a private person, i am doing this interview, i have turned down a lot. neil: i know, i appreciate it. >> i don't like going on television. >> you are good at it. >> i don't know about that. i want my private life, i don't want to be out in the public. neil: it is a hassle, that is the problem. >> i would love to be. neil: i talked with a lot of successful guys they say look at stuff theyel any on and focus on --el any onel dwell on. >> i would love to be mayor if
. in detroit, it's speak now or forever hold your peace. today is the deadline for written objections to detroit's bankruptcy filing. wdiv's rod maloney is in the motor city with what's on the line. rod, good to have you. >> reporter: thank you, maria. i'm glad to be here. you know, it's one of the things where tonight at midnight, anybody who objects to the bankruptcy filing by the city has to do that. so, in fact, this morning, a large group of detroiters got together out in front of the bankruptcy court here, from the national action network, reverend al sharpton organization, and they started out filling paperwork and submitted it to the bankruptcy court today. it showed up in the filing. along with them were a lot of other creditors looking to try and derail this process. and what many people don't understand about municipal bankruptcy is that you can't just file and then you are in bankruptcy. it is a qualification process. and so, what they're doing here is they're making their objections known to the judge, telling him that they don't think this is a right or constitutional pr
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it was cheap. land in detroit right now is cheap. you can buy a house there if you want, but no one wants to right now. all right. so go elsewhere. >> all right. is part of the solution credit? >> i thought that was how we developed alaska, incentivizing people out there. but the government's had a role of developing this country. the private sector is strong enough now to handle the for profit housing market. there is a way to make money from a lot. there's all of these funds that are buying dilapidated properties. however, when you have a situation that's uneconomic where there is no free market solution, that's when it becomes the role of government. when you've got a house that's dilapidated, it's not going to go away if it's worth nothing like in detroit, for example. otherwise it's like a manmade disaster like a dust bowl. we have to fix up our own mistakes we made. >> okay. john, you've heard it all. >> frannie and freddie are going away, why aren't you celebrating? >> i was just in france, and, believe me, they like texan wearing cowboy boots as much as i like them right now. we'r
of a financial crisis in the president's hometown going the way as detroit. >> could chicago fall victim to the same problems that caused the biggest municipal bankruptcy in u.s. history. >> how a predator from africa made its way in a family's apartment. >> one major provider telling folks that their coverage will be dropped as a direct result. we'll be right back. if you like your doctor, you will be able to keep your doctor, period. (applause) >> if you like your health care plan, you will be able to keep your health care plan, period. [ man ] look how beautiful it is. ♪ honey, we need to talk. we do? i took the trash out. i know. and thank you so much for that. i think we should get a medicare supplement insurance plan. right now? [ male announcer ] whether you're new to medicare or not, you may know it only covers about 80% of your part b medical expenses. it's up to you to pay the difference. so think about an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like all standardized medicare supplement insurance plans, they help cover some of w
on the wall. first detroit, next chicago? a billion dollar budget shortfall by 2015. what's next for chicago? we'll deal with them next. ♪ announcer: where can an investor be a name and not a number? scottrade. ron: i'm never alone with scottrade. i n always call or stop by my local office. they're nearby and ready to help. so when i have questions, i can talk to someone who knows exactly how i trade. because i don't trade like everybody. i trade like me. that's why i'm with scottrade. announcer: scottrade- proud to be ranked "best overall client experience." >> this is a very low volume wednesday in the first part of august and the market is down 57 points. how about the price of gold? fell below he 1300 recently and still below 1300. 1283 is the quote now. dead flat. look at disney. it is the biggest loser on the dow, why? well, losses from its flop film. lone ranger is hurting them. plus, disney is coming off a high and it's down near 3%. i've got troubling news on chicago's financial problems, the city is predicting a $1 billion shortfall by 2015. john tillman from the illinois policy
at the rise of twit we are the company's co-founder in just a couple minutes. >>> plus, is the detroit bankruptcy just the beginning? we'll take a look at state and local governments to see who might be the next bankruptcy and where it might be coming. is your city next? >>> first up, as we told you a few moments ago, the president cancelling a summit with vl vladimir putin over the treatment of edward snowden. eamon javers is live in washington with the latest. >> carl, just within the past few minutes or so, the white house has put out a statement saying that the president now that he's got some time to kill while he's over in europe is going to visit sweden which the white house calls a close friend and partner and obvious jab at russia. the white house saying this morning that the president is not going to participate in this planned summit with vladimir putin, the russian president. he is, however, going to go to the g-20, that's in st. petersburg, russia. he's not going to have that moscow meeting with put putin, however. among the reasons was the decision to give edward snowden
pleasure. lori: gerri willis will talk with bill emerson from detroit. he runs the long largest online mortgage lender. "the willis report," 6:00 and 9:00 p.m. adam: americans can't get enough of "sharknado." the campy movie is twitter sensation, so much so sci-fi launch ad contest to name the sequel. after 5000 title submissions, the winner is, are you ready for this? "sharknado" 2 the second one. look out shark fans, a storm is coming to your tv next summer. lori: can't put your finger on why, but that movie is an absolute sensation. adam: like the old american international films from the '60s that they used to run on tv, sci-fi films real low budget and made no sense and they make a gazillion dollars. with all the sharks and agents in los angeles, you would think sharks would be out there. lori: there was a shark on the subway in new york. that was little scary. adam: picture of kids found it on the beach and took it on the n train i think. lori: absolutely. more on "sharknado." when sleeping on the job might be a good thing. a company that has employees living and working together
games in the ongoing investigation, and among those, texas rangers right fielder cruz, detroit shortstop, and still no word on yankee's star alex rodriguez. adam: embassies authorized to open by the state department after they were closed sunday because of a threat from al-qaeda. nineteen posts, however, remain closed as a result of what the state department calls an exercise of caution. back in the united states, no suggestion that new york city faces a direct threat. the nypd made no changes, even as the department of homeland security beefs up its presence at airports and train stations. fox news middle east and terrorism analyst joining us with the latest development. i got to let you know, i'm going to bring something into the discussion, you know, the price of oil is actually falling right now, indicating that at least investors don't seem as concerned as the u.s. government. is this a false alarm? i mean, we have members of congress saying it was a cred l -- credible threat. >> look, the financial world is always concerned about the financial root, the financial structures, so if
of the things i want to talk to him about, the detroit store, everyone is running from detroit, whole foods runs to detroit. what a great american company. >> you do forget, i think, seven, what is it, we say 75, some of these stores are more than a decade old, jim. >> the new stores are doing exactly what they want and that's still remarkable growth. chicago po chipotle and starbucks, a pantheon of people behind the scenes and they all talk to each other and whole foods needs to do a credible infinity program not unlike what starbucks has, they'll do it. but this quarter there was a guy that said, listen, i was at your -- really kind of funny. a new guy, identify was at your des moines store and that was not a good store. they come right back, have you been to our, mentioned the oxnard store. there was such an timothy, it's not like they are idiots. they're the best operators there is! and the people were, like, you know, slamming them, will you give me a break! give me a break! >> okay, i will. i'm happy to give you a break when you want one. >> thank you. i felt there was a lack of respect on
for one year. we'll find out what that means. with the latest from moscow. back at hopme, detroit's mayor said no thanks to a second term. top contenders are hoping that a runoff after tuesday's primary will get them on their way to city hall. >> good morning from don berwick for governor headquarters. now, here's chuck todd. >> thank you to the massachusetts gubernatorial cabinet don berwick and his campaign volunteers. keep it coming, folks. republican, democrat alike. go to rundown.msnbc.com, find out how. ariel castro will be sentenced today. he's already pleaded guilty to more than 900 charges in the kidnapping and systemic abuse of three women over the course of a decade. at times, however, it may feel more like a criminal trial. both sides do plan to present evidence and we will hear from some witnesses. what's more, we're going to hear from castro himself and possibly one of the female victims. castro has admitted to kidnapping gina dehay sus, amanda berry and michelle knight. among the charges are two counts of aggravated murder. after castro forced one of the women to miscarry.
make of this? worried about the road ahead, auto critic with the detroit free press joining us from michigan, good to see you. i did not intend to make a car related pun about driving. a lot of this is in a pickup trucks and larger vehicles. are you worried these automakers are making the same a stake they did in the 90s? it blew up in their face. >> not really. the increase in pickup trucks is due to a lot of businesses stocking up again because they think the economy is getting better and many as you thes we see our smaller than the vehicles that existed in 90s and more fuel efficient. the problem is when car and suv sales get out of whack and you are making your money on huge vehicles and losing money on cars that doesn't seem to be the case. the ford fiesta is up 90% in july versus last year which was a stunning number. dagen: we should really celebrate these automakers and rejoice in effect these sales are so good and the quality of these vehicles is so good. you get in any small american sedan these days and even in many cases it is superior to what you would buy in japan or f
levin. when are you moving? chicago is getting a lot like detroit. when are you moving? >> i am not moving anytime soon. detroit.is a lot different than it is run better. it is in trouble like every state in the nation, but no shape like detroit. you want to be here in the summer in chicago. if i moved, i would probably move in the winter. stuart: it is a friday morning and summer. i see people ripping up contracts behind you and chucking it behind you. larry, the fed is still all about when ben quits or reduces printing, isn't it? >> where the dallas fed president the last couple of days talk about how complicated of a situation this is. that is looking the market little bit but not a whole lot. the stock index trading bejg me still sitting at all-time highs. wwe're thinking but when is bernanke going to be talking about it. that is when the market will really get spooked and lose a lot of ground. stuart: thank you very much, indeed, out there in chicago. the opening bell is ringing. we expect the (to be lower, and it is. this will be a slow trading session, a thin market, thin
? >> eric, i know you're joining us from detroit. a quick question regarding the sales for you guys, up more than 11%. but when you take a look at where trucks were, the real engine of your growth. are you seeing strength in one particular area of truck sales around the country, or is it pretty much across the board? >> it's pretty much across the board, phil. we are seeing some strength in some of the hotter housing markets, such as in california, new york and places like miami, but we're seeing truck strength really across the board. there really aren't any regions across the country that are down on trucks right now. >> while your truck sales were up 22.6%, i want to talk about the fusion, which is your top-selling car. sales down 12%. i know you were supply constrained because you were ramping up production at your flat rock assembly plant, but it brings up the question, did you leave some sales on the table last month? >> well, certainly if we had more inventory on some of our key vehicles like the fusion, we probably could have done even a little better than what we did on the retail s
's here from detroit and to the kirby couch. >> good morning. i'm about maybe two hours on the other side of michigan. people think when you're in michigan all they know is detroit. kalamazoo battle creek. no, you're from detroit. like new york. people don't know about upstate new york and those places. >> glad you straightened this out. >> in my hometown, i didn't say it, man. >> we don't want the back you up. what was the time off like? >> i did movies and tv they thought i quit doing comedy. i worked every weekend since '83. >> that's right. tomorrow, you're working one night only. >> one night only in the movie theaters. my latest special from detroit is "make me want to holler." the world is so crazy, all you can do is scream and laugh because you can't get too crazy about this stuff because you lose your mind. >> detroit is back in the news and decided their best bet is to go bankrupt. said this is our best move. what does it feel like to have that happen? do you think it's a good move? >> my hometown also got taken over by the government. people have to separate. people of detroit
want to go to detroit. they have blocks and blocks of foreclosed homes and four years ago where u.n. failed an idea where you said we could create jobs by paying people to bulldoze houses like this and four years later they have not done it but now detroit is talking about doing this. >> thank goodness it is a shame we did not do it for years ago when we were really in the pits in recent of tired people directly off the unemployment roll electricians are carpenters to go in to do something important. not just turning down the refuse of places of drug addicts a and bad urban blight but we could have put those properties back on the tax roll at the same time we create real jobs. i beg the administration and to do it not even a blank. nothing. nothing at all. it was a good idea it still is a good idea to take interest to restore our country to where they can be proud of the neighborhoods. liz: is there another guitry tidying? chicago is not the next eight troy but some people say there are some cities. >> there are some that have some of the same problems mostly unfunded pension obli
have to ask you about detroit your city -- company is fond of the city you have a bright shiny new buildings so what does detroit we do to make it out of the bankruptcy? >> there's been a lot of great things happening and we have been involved with that over the last two or three years to invest in the city. private investment is that the l-time high. that is certainly difficult but it isong overdue that this hpened so we have to address the problems of this city in the bankruptcy is difficult but it is giving us the opportunity to deal with legacy issues to come out the other side. we have to get through the bankruptcy process and that will take time but as we look at this we're bullish on the straight that they have greatalance and great infrastructure to have our renaissance like it deserves gerri: great's information we appreciate you coming on. , back. >> my pleasure. i am happy to come back. gerri: a lot still to come how to turn your part-time job into full-time and the they are sending your kid to college but what about loans for day care? i am not kidding. we will talk abo
are from the same hymn sheet. i do want to talk about how new york could become detroit, this would be the first giant step toward it. stuart: if i were voting, it would be christine quinn amazing enough. at least she would keep charter schools going. charles: exactly. stuart: this guy built a company from the ground up. a real american success story. london liquidators. talking to ceo, tom sullivan. one of charles payne favorite picks. mr. sullivan is coming up. ♪ make it happen with the all-new fidelity active trader pro. it's one more innovative reason serious investors are choosing fidelity. get 200 free trades when you start using active trader pro today. then you'll know how uncomfortable it can be. [ crickets chirping ] but did you know that the lack of saliva can also lead to tooth decay and bad breath? [ exhales deeply ] [ male announcer ] well there is biotene. specially formulated with moisturizers and lubricants, biotene can provide soothing relief and it helps keep your mouth healthy, too. [ applause ] biotene -- for people who suffer from dry mouth. folks have suffer
of civilizations that have gotten into trouble. in detroit, people are wondering, do we have the same problems that crop up here? >> we are. we can fix them. basically what happens to a great power when it stumbles, its politics don't keep up with economics. it was true in rome and china, otoman empire. true today, our problem is the debt crisis. >> the debt crisis and some people would say entitlements. you have to look at that. republicans are saying that. >> at the federal level. itself the core of it. the nation is on an unsustainable path. with key fix this. we request get our mojo back, growth back, tomorrow, not today. >> what do we have to do? >> we need to get on a glide path to slow entitlement programs and bring down government spending and debt overtime. with decan do it in a way that's aggressive or gradual. we have to start now. >> i look at what was happening in detroit. is this a situation when you don't take action, this is where you wind up? are there other municipalities set up in a similar way or is detroit unique because of the huge numbers of people who have left? >> well
york city like detroit. we're not detroit. but with actions like this and with actions like the city council where they just recently passed a law that says individuals can actually sue policemen individually, not corporately, it's really unfortunate. >> gretchen: it's interesting to see when you have the police commissioner, ray kelly and the mayor agreeing so strongly on this particular issue, 'cause they don't agree on everything, to see them come out and be so upset about this must say something about the way in which they've been conducting business for the last decade. i just want you to look at the stats. here is new york city crime stats. 2012-2013, murder down 27.5%. murder down, shooting incidents down, 28.6%. so joe, how do you expect that to change when officers can no longer stop and frisk? >> well, officers can still stop and frisk, but they're going to be handcuffed in how they do it. the judge basically thinks and without any credible evidence that police officers are stopping people for -- without having any suspicious activity, when in fact, that's been not proven.
the challenges in front of detroit. >> yes, that was really good. that was really good. >> very nice work. >>> speaking of the consumer, kelly evans talked about it on the i yesterday. >> morning, yeah. >> not your father's volatility is the joking reference here but, in fact, there's quite a bit of important things happening below the surface. gdp report which showed 2.5% growth, critical. what we need to see is that kind of performance repeated in the second half of the year to support interest rates at these levels. look at what's been happening with regard to where we've seen more of the action lately. not in the stock market so much, and we can see the narrow trading ranges we've been in. the vix hasn't gone anywhere. the story is about the volatility, guys, in the bond market. there's a term for this that the fed uses and has been focused on lately. it's called term premium. the fact that we've moved on the ten year. the key interest rate which determines everything from mortgages to speaking the cost of finance across the economy, the fact that that's gone from below 1.7% to almost
. and facing the bankruptcy of detroit generates public pension do have the limits. and many are facing the same financial sectors for detroit. >> give up benefits or risk lay offs. >> thank you, doug in dc. >> we have new details on the horrific story of a child who was beaten up on his school bus. >> the video captured national attention a couple of weeks back. get them out of here. they are still doing it. >> leave that by alone. live him alone. you know, you are going to jail. you all are going to jail. >> the driver had nightmares for weeks on what he witnessed and tried to stop verbally. those boys aed of boating the 13-year-old. the victim was viciously hit and you can see they are kicking him and over and over again. it is a horrible scene for the 13-year-old boy. phil keating is watching it play out in court today. hello again, phil. >> all three of the 15-year-olds are charged with aggravated battery as juveniles and the judge told them they are luky they are only 15 and otherwise they would be facing felony charges and serious prison time. all three suspects each appeared wit
. send the money to detroit and places that need it here in the united states. they raised tobacco prices. they have done media and marketing campaign. they cut smoking in half in brazil in the last 20 years. charles: my thing i think is more egregious, how do people get the grants? if willie sutton was alive. forget the banks, draw up grant requests. how do you get them? it's a i amazing! liz: $31 billion in grant money available. charles: 31 billion? liz: 31 billion. i tell you i know for a fact at love these researchers actually use the money, i'm not joking to buy houses on lakes in places that they want to travel to. charles: talking earlier in the week, about the restaurant organization, union organization, pushing antibusiness agenda. getting taxpayer dollars. how do they go about it? it is amazing. should look into it. 31 billion. you can imagine, waste, fraud @nd abuse in that thing. liz: use the money here in the united states to help it our people, our poor people. charles: brazilians can figure out how to stop smoking. >> they already have. they're doing it. charles: absolutel
's interesting. i'm running out of time and i've got to get to this. the mcdonald's in bankrupt detroit was closed yesterday because of that $15 per hour fiat wage that they staged a strike. and bankrupt detroit's mcdonald closed. what, have you got anything to say about this $15 an hour fast food wage? >> this is unbelievable, stuart. it's so easy for the unions and politicians to go after multi-billion dollar corporations, these ceo's, who this has nothing to do with mcdonald's. they don't control the franchise wage scale. so you have mom and pop stores that are affected by this. less than 5% of fast food workers are affected by minimum wage. the average minimum wage worker in the united states, the family brings in $53,000 a year, and this is a grab and they're trying to get it through the minimum wage argument. stuart: relax, john, you've got the beach behind you and you'll be there i'm sure. >> yes, sir. stuart: he's in bermuda. great weekend to you. the top of the hour we've got the man who wrote the book on unions. and does he think this administration is going to cave to the rec
should all want to take advice from him on myriad economic issues. i think we should sent him to detroit. where i don't welcome hi opinion is on political strategy. i'm not trying to be smug. i don't think hess 'proven himself to be a particularly adept political strategist, so warning republicans about the optics of the messaging, i don't know that he's sort of the best adviser. >> van, i'm sure you have some thoughts on the showdown, and also with the obama administration on defunding obama care. >> i think first of all i'm going to buy some popcorn and love this. they don't have a job creation strategy, so they're going to talk about this other stuff. i think a couple things we have to watch for. watch -- this is the opening of a split in the republican party. it's not just young versus old. there are different roles here. you have somebody like a rand paul in an open war now with chris christie over everything from spying to budgets to military. it's going to be a -- i think shutten down the government is the worst thing -- >> you look -- >> rand paul and chris christie are both stak
'm flying to the upper peninsula of michigan. i got a long layover in detroit. i put four episodes of "breaking b bad" on my ipad and plan to watch it. later on this afternoon, lions' gate, monster beverage and priceline among others. some of the nation's retailers will report their monthly sales today. limited, gap and costco are among the biggest ones that still do. earlier this morning, real early, costco said its july comps rose 4%, just shif analysts' expectations. hurt by a stronger dollar that pulled in weak sales from overseas stores. >> jpmorgan says it is being investigated by criminal and civil divisions of the department of justice over offerings of mortgage-backed securities this is financial crisis stuff. the doj gave them notice that it had preliminarily concluded the firm violated federal security laws in offerings of subprime and alt-s a residential mortgage securities. the only thing that is bugging me about this story a lot is jpmorgan, and don't want to -- i don't feel like i need to be the defender of jpmorgan, i came to jamie dimon's defense a couple of months
's "new york times" that has a lot of people buzzing suggesting that detroit's neighbors are currently being hurt by the woes of motown. cities, counties and other local governments in michigan are getting a cold shoulder in the municipal bond market. just two weeks after detroit declared bankruptcy, borrowing costs are up around the state. the latest casualty, yesterday's saginaw county announced it was delaying a $60 million bond sale that was planned for today. gentlemen, this is the concern that so many people have been wo worried about, this would have ripple effects through michigan and if a federal court approves this, throughout the rest of the country. >> the question for me at least is the answer that the state is supposed to get involved in a more meaningful way, the federal government? we talked about are you supposed to have a bailout? we know that there is going to be implications from doing this. but -- >> yes, but particular -- >> the flip side is a dangerous game too. >> but particular implications because the bond holders are being put at the back of the line with eve
and raided several of his offices in the detroit area. investigators say he gave chemo to patients who did not need and it diagnosed people with cancer when there were no signs of cancer. a judge is set to decide whether to grant bail at hearing tomorrow. laura is live in our new york newsroom. >> enough to make your head spin, if all of these allegations are true. aside from giving patients costly chemo treatments, federal investigators say dr. fata ordered assistants to 'provide the treatment and if patients got nervous he prescribed them xanax. he was ordering chemotherapy for all end of life patients instead of letting the patients die in peace. an oncology nurse who applied for a job with dr. fa a filed a claim that she witnessed treatments that should have lasted minutes dragging on for hours. >> why didn't they do anything? that was three years ago. and in that time, how many people could have been saved and how many families could have been spared? >> if convicted on current charges. fata could get ten years in prison. a spokesman with the u.s. attorney's office says if the investi
anti-savings from the behavior. detroit would not have this now if we would not have a normal interest rate. that is a fact. lou: that is in a fact. there are so many other variables in there. we have this equilibrium of the employee unions, city governments that have been woefully lagged and managed. what are your thoughts about this from here? >> well i think people are getting far too historic about the potential quantitative easing. i think that a moderate reduction would be that dramatic. we gradually run out of people with high rate mortgages. you run out of other people who have benefits. so by definition, it has less of an impact. so it is more and more money producing less and less impact. it doesn't strike me as the right thing. lou: your outlook for growth ann appreciation of the markets? >> i think that we will stumble along mainly driven by a sharehder revolution. grant theexport licenses, six the balance, lower everyone's utility groups. that would really stimulate the economy and the market. lou: thank you for being on. we look forward to seeing you soon. up next, thousa
it in ohio, detroit, pennsylvania. >> they're doing it in texas. >> it would create jobs. so many opportunities for all americans. there is your answer. >> i want to add one point. i lived in atlanta. the day i arrived in atlanta, my first day on the air i got a call from maynar, d jackson. i got to know andrew young, josea williams. martin luther king's driver. i got to know these guys. what they did many the face of such hostility is an amazing profile in courage. what they did made this country better. >> absolutely. >> the president gave a good speech today, bob. one of the best speeches i have heard him give. >> talk about entitlements. unfortunately president obama has only expanded entitlements to make whites, blacks, hispanics more dependent. it's not helping anybody. you and i know more could be done in washington, d.c. it's cultural. when you have a president who is -- i know you don't like him. i don't like what he does. h's a good father, appearingly a good husband. there are no sex scandals. he's there for his kids. his pants are pulled up. he speaks gramattic -- corr
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